Bitcoin (BTC), hovered around $59,000 as Nov. 21 ended. This was after it avoided a retest its recent lows.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC challenges $60,000
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was close to $60,000, before consolidating in a higher range following sudden gains Saturday night.
The pair hit a low of $55,650 over the week. These were its lowest points in more than a month. However, further retests failed as sentiment improved.
Analysts viewed the long-term from a more calm perspective than the weekly close to better understand the overall market health.
BTC has rallied to new All Time Highs since breaking its 200-day EMA. Rekt Capital stated that BTC was still over 50 percent above the 200 EMA despite recent retraces from ATHs.
“Long-term investor sentiment remains bullish towards Bitcoin.”
BTC/USD 1-day candle charts (Bitstamp), with 200-day moving Average (EMA). Source: Rekt Capital/ Twitter
The reasoned view was supported by on-chain metrics, with the Crypto Fear & Greed Index at just under $60,000.
The week’s events did not affect network fundamentals. The hash rate remained near its all-time highs, while difficulty was still expected to increase modestly at the next adjustment due Nov. 27.
Pentoshi, a fellow trader, identified the $59,000 to $61,000 area as the point where it would be prudent for spot longs to reenter should that area be successfully recovered.
Local top and bottom for $ETH. How I plan on trading it. LH available from here to 4570. *IF* 4570 is flipped then I am happy to buy higher. Playing for LH, and a second leg down to 36xx. Same as $BTC looking to purchase 59-61. If reclaim = buy back otherwise looking for LH If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN
— Pentoshi Won’t Dm You. Dm’s are a hateful thing. DM’s are frauds (@Pentosh1) November 19, 2020
Michael van de Poppe, a Cointelegraph contributor, stated that overall, the supercycle and lengthening cycles for Bitcoin are still true.
Avalanche and Ethereum lead the slow altcoin market
In a broad flat market, Ether (ETH), one of the top-10 cryptocurrencies, was the best performer among the altcoins.
Related: Three reasons why Bitcoin dropped to $56.5K
At the time of writing, ETH/USD was up 2.3%. Outlier Avalance (AVAX), which delivered 12% returns in 24 hours, entered the top-10 to push out Dogecoins (DOGE) for the first-time.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Despite Saturday’s sudden upturn, the BTC/USD rate was still 1.8% higher.